IFRS audit in Ukraine: audit of IFRS financial statements
Audit of IFRS financial statements for foreign investors, parent companies, banks and donors. You receive an auditor’s report in English and Ukrainian, suitable both for group consolidation abroad and for filing with the financial statements in Ukraine. Audit firm since 2000, Ukrainian audit register No. 4624, member of DFK International, a network of independent audit firms in over 90 countries.
- Audit of IFRS financial statements with an opinion under ISA 700
- Review of the transformation from Ukrainian standards into IFRS format
- Audit of the reporting package for group consolidation
- Auditor’s report in English and Ukrainian
- Management letter with findings and recommendations
Who commissions an audit of IFRS financial statements
Companies required to report under IFRS
Public interest entities, securities issuers, financial institutions and large enterprises under the criteria of the Ukrainian Accounting Act. For them the IFRS audit is mandatory and is filed together with the financial statements.
Subsidiaries and representative offices of international groups
The parent consolidates under IFRS and requires an audit of the Ukrainian package. We prepare the report in the format the group auditor accepts and deal with them directly in English.
Raising finance
A bank credit committee, a fund or a buyer asks for an auditor’s report on IFRS statements as a condition of the deal. Deadlines here are usually tight, so we agree the plan at the outset.
Organisations with international funding
Some donors require IFRS statements from larger partners. We combine this audit with the audit of grant projects so that you do not go through the process twice.
Six areas that drive the outcome
Correctness of the move from Ukrainian standards to IFRS, alignment of the accounting policy with the standards, completeness of note disclosures.
Timing of revenue recognition, performance obligations, variable consideration. The area where adjustments arise most often.
Right-of-use assets, lease liabilities, the discount rate and note disclosures.
Impairment testing under IAS 36, expected credit losses under IFRS 9 and the allowance for doubtful receivables.
Functional currency, translation of transactions and balances, and the effect on profit or loss under IAS 21.
Completeness of the list, disclosure of transactions and balances, terms of intra-group arrangements. The group auditor always asks about this.
What you receive
An opinion on the IFRS financial statements in English and Ukrainian, with key audit matters described. Suitable for filing in Ukraine, for the bank and for group consolidation.
A table of proposed adjustments explaining each one with a reference to the standard. You see what changes in the statements and why, before the report is signed.
Findings on accounting and internal control: where documentation is missing, which disclosures should be extended, what to change before the next reporting period.
What else we do under IFRS
Converting statements from Ukrainian standards into IFRS format, building the transformation model and working papers: IFRS transformation.
Parallel records and monthly reporting for the parent company: accounting under IFRS.
Analysis of a specific transaction or contract: how to recognise revenue, how to account for a lease, how to disclose related party dealings.
Four steps with no surprises at the end
We review the scale of operations, group structure and the requirements of whoever asked for the report, then send a proposal and an audit plan.
A list of documents by area: revenue, assets, leases, inventory, settlements, group balances. Secure file exchange.
Adjustments are discussed as we go rather than in the final report, so you can reflect them before the statements are approved.
Auditor’s report in English and Ukrainian, a management letter and answers to the group auditor or the bank after submission.
What clients ask most often
How much does an IFRS audit cost?
The fee depends on the volume of transactions, the number of judgemental areas, the group structure and the deadline. We send a proposal after reviewing the assignment, usually within one working day.
How long does the IFRS audit take?
Normally three to five weeks from receipt of the complete set of documents. If the statements have not been transformed yet, a separate transformation stage comes first.
How does an IFRS audit differ from a statutory audit?
The procedures are the same; the reporting framework differs. IFRS involves more estimates and judgements: impairment, leases, revenue recognition, fair value. That means a wider scope of testing and more extensive disclosures.
Will your report be accepted abroad?
Yes. The firm is listed in the Ukrainian audit register under No. 4624 and belongs to DFK International, a network of independent audit firms in over 90 countries. Reports are issued in English, and we deal with the group auditor directly where needed.
Can you transform the statements and audit them at the same time?
No. Under independence rules an auditor cannot audit statements it prepared itself. If we perform the transformation, another firm audits it, and the other way round. We say so at the first meeting.
Request a proposal
Tell us about the company, the reporting period and who asked for the report. We reply within 1 working day.